Decree No. 141/2006/ND-CP dated November 22, 2006 of the Government promulgating the list of legal capital levels of credit institutions

DECREE

PROMULGATING THE LIST OF LEGAL CAPITAL LEVELS OF CREDIT INSTITUTIONS

THE GOVERNMENT

Pursuant to the December 25, 2001 Law on Organization of the Government;

Pursuant to the December 12, 1997 Law on the State Bank of Vietnam and the June 17, 2003 Law Amending and Supplementing a Number of Articles of the Law on the State Bank of Vietnam;

Pursuant to the December 12, 1997 Law on Credit Institutions and the June 15, 2004 Law Amending and Supplementing a Number of Articles of the Law on Credit Institutions;

At the proposal of the Governor of the State Bank of Vietnam,

DECREES:

Article 1.- Legal capital level

To promulgate together with this Decree a list of legal capital levels of credit institutions established and operating in Vietnam.

Article 2.- Organization of implementation

1. Credit institutions that have been granted establishment and operation licenses shall take measures to ensure that their actually contributed or allocated legal capital amounts are at least equal to the legal capital levels provided in the enclosed list by December 31, 2008, and December 31, 2010, at the latest.

2. Credit institutions that are granted establishment and operation licenses after the effective date of this Decree and before December 31, 2008, shall immediately ensure that their actually contributed or allocated legal capital amounts are at least equal to the legal capital levels stipulated for the year 2008 in the enclosed list.

3. Credit institutions that are granted establishment and operation licenses after December 31, 2008, shall immediately ensure that their actually contributed or allocated legal capital amounts are at least equal to the legal capital levels stipulated for the year 2010 in the enclosed list.

Article 3.- Powers of the State Bank

The State Bank Governor is assigned to handle, even withdraw establishment and operation licenses of credit institutions that have their actually contributed or allocated legal capital amounts lower than legal capital levels stipulated for their respective types for each period in the enclosed list.

Article 4.- Implementation effect

This Decree takes effect 15 days after its publication in "CONG BAO" and replaces the Government's Decree No. 82/1998/ND-CP of October 3, 1998, promulgating the list of legal capital levels of credit institutions.

Article 5.- Implementation responsibility

The Governor of the State Bank of Vietnam, ministers, heads of ministerial-level agencies, heads of government-attached agencies, and presidents of provincial/municipal People's Committees shall implement this Decree.

LIST

OF LEGAL CAPITAL LEVELS OF CREDIT INSTITUTIONS
(Promulgated together with the Governments Decree No. 141/2006/ND-CP of November 22, 2006)